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October 3, 2013

Merrill Nabs $11M Team From UBS; Raymond James Recruits $1.8M Group From FiNet

Meanwhile, Morgan Stanley adds a $1.9 million institutional advisor from Merrill in Atlanta

Bank of America-Merrill Lynch (BAC) Wealth Management said Thursday that it recruited a team from UBS to join its Private Banking & Investment Group.

The four advisors, Stephen Ruvituso, Lee Konopka, Robert Matluck and Todd Stankiewicz, came on board last week in White Plains, N.Y. The group has more than $1 billion in assets and $11 million in annual fees and commissions.

In addition, Robert Brust, formerly with Wells Fargo Advisors (WFC), joined Merrill Lynch in Ponte Verda, Fla., with about $110 million in assets under management and nearly $872,000 in yearly production.

On Tuesday, Raymond James (RJF) said it recently recruited a team of advisors from Wells Fargo's independent channel with about $280 million in client assets and about $1.8 million in yearly fees and commissions.

The team includes five advisors — Bill Schroth, Joseph D. Taylor, Jr., Kip Dominy, Bruce Kelly and Ken Hyatt — who do business as TSD Capital Group, an independent firm near Athens, Ga.

“I’m delighted to welcome this exceptional team to Raymond James,” said Jody Perry, Southeast director for Raymond James’ independent channel, in a press release. “Their years of experience illustrate, once again, how Raymond James’ client-first, advisor-centric culture, combined with our superior technology and commitment to independence, continue to appeal to some of the most successful advisors in the industry.”

“Our team had been looking for some time for a firm that was large enough to provide all the services and resources we needed but yet small enough to allow for personal relationships with the home office,” said Schroth, in a statement. “We realized the Raymond James culture and platform provided us all we were seeking in order to meet our future growth objectives, while at the same time aligning well with our team’s values and commitment to clients.”

Schroth has about 27 years in the business. He and his partners established TSD Capital Group in 2007 while affiliated with Wells Fargo. Before that, Schroth worked as a financial consultant for Merrill Lynch (BAC).

Taylor has more than 25 years of experience as an advisor, while Dominy began his financial services career in 2001 with Wachovia Securities and joined Schroth and Taylor in founding TSD Capital Group in 2007.

Hyatt has been in the industry for more than 18 years, including time as regional sales director for Wachovia Retirement Services. Kelly was a financial advisor at the Wells Fargo Financial Network, the bank’s independent channel, prior to joining TSD Capital Group in 2013.

In other recruiting news, Morgan Stanley (MS) said on Thursday that Garry Bridgeman, who formerly worked for Merrill Lynch as an institutional consultant and private wealth advisor, has joined its institutional services unit, Graystone Consulting, in Atlanta.

Bridgeman, who has yearly fees and commissions of $1.9 million, specializes in providing consulting services to philanthropic organizations, governments, corporations and individuals. He worked at Merrill for more than 34 years.

“We are delighted and honored to welcome Garry to Graystone Consulting,” said Marc Brookman, managing director and head of Graystone Consulting, in a press release. “Garry is a leader in the industry and community. His extensive experience, background and reputation make him a valuable addition to the firm.”

Bridgeman has held the position of board president for the Investment Management Consultants Association (IMCA) and, as a financial advisor in Jackson, Miss., became the first African-American employed by a major broker-dealer in the state’s history.

“I am pleased to join Graystone Consulting where my clients will have access to some of the most sophisticated investment solutions, tools and expanded institutional capabilities,” the advisor said in a statement.